Steemit cryptoacademy homework task for @pelon53

Helle crypto world, it another beautiful week in the Crypto academy.
Today I will be attending to the lecture of my humble professor @pelon53

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Explain the ERC-1155 Token in details

What is ERC-1155 Token?

The ERC-1155 token is a type of standard token that can act like they were ERC-20 or ERC-721 tokens, or both at the same time, under the same address. That means they can act as fungible token (Digital currencies) or Non-fungible token (Digital art, game) or as both.

Creation of ERC-1155

ERC-1155 was created by Witek Radomski - co-founder and CTO of Enjin Coin.
Enjin is a smart contract framework that provides crypto-backed value and tools for implementing and managing virtual products to game developers, content creators, and gaming communities.

Features of ERC-1155

• Batch transfers: Users can send multiple tokens in a single transaction using ERC-1155. They are able to save money and time as a result of this.

• Advanced Features: ERC-1155 allow user to trade, destroy, upgrade, combine, rent and their assets.

• Multiple Tokens: ERC-1155 configure both fungible and non-fungible tokens In a single smart contract.

Why was ERC-1155 created

• To solve the limitations of the ERC-20 token: The ERC-20 (fungible tokens) has a number of limitations, one of which is the lack of a way to "react" to ERC-20 transfer events. For example when users send tokens to the wrong address, this results in ERC-20 tokens being stuck in contracts indefinitely. In this way, if you send money to the wrong ERC-20 address, your money will be lost forever.

• To solve the limitations of the ERC-721 token: ERC-721 (non-fungible, NFT) one of the limitations which is impossible to acquire a token identifier, for example, if you have a 20 NFTs that you want to send to another user, the transfer would necessitate 20 separate transactions, each with its own transaction fee, significantly increasing the cost of this simple process, as well as the network's load operations, and having a significant effect on the Ethereum network's usability. In these cases, you'll have to transfer the 20 NFTs tokens one by one, since it's difficult to transfer all 20 at once.

• To solve the Incompatibility between ERC-20 and ERC-721 tokens: Many Dapps make use of both ERC-20 and ERC-721 but Because ERC-20 and ERC-721 tokens are incompatible, inter-transactions between them are problematic. Both are triggered by smart contracts, making it difficult to integrate them and conduct transactions at the same time using the same address. ERC-1155 tokens have come to solve this problem because they combine both tokens into one. ERC-1155 tokens can be used as both utility tokens (ERC-20) and non-fungible tokens (NFTs-ERC721), allowing for seamless integration between the two.

Explain how you verify the amount of ERC-721 tokens existing at the time of doing your homework. Present screenshot (use etherscan)

• The very first step is to visit the https://etherscan.io/

• On the homepage of the etherscan.io click on the three horizontal lines and click on "Token"

_{Screenshoot of the etherscan.io from my phone}

• The list of all the token will appear, click on "ERC721" token.

_{Screenshoot of the etherscan.io from my phone}

• As soon as I click on "ERC721" the Non Fungible Token tracker will appear and I can check the token available.

_{Screenshoot of the etherscan.io from my phone}

The number of the ERC-721 Tokens available at the moment is shown which is a total of 11,091 ERC-721.

Explain the TRC20 Token and check the amount of TRC20 tokens existing at the time of doing your homework. Present screenshot (use tronscan)

What is TRC20 Token

TRC20 are technical standard token that runs on TRON's network/blockchain and uses TRON's address, meaning that all TRC20 transactions take place on the TRON network.
Tokens issued on the TRON platform are designed to be compatible with tokens issued on the ERC platform in order to attract users' interest or to include functionality or benefits that are not available on the ERC, causing users of the Ethereum blockchain to migrate to the TRON blockchain network.

Features of TRC20 Tokens

• TRC20 tokens can be swapped and used on decentralized apps.

• TRC20 tokens can be easily accessed by a large number of people because they are used on TRON wallets across all devices including android, mac, windows, and iOS and so on.

• The transaction speed are very fast and there are low fee involves

Rules of implementation of TRC20 Token

If you are thinking of making a TRC20 token, then you need to follow some rules, some which are non compulsory while some are compulsory.

Non-compulsory rules

• Name of the Token: giving the Token name

• Abbreviating the Token:Abbreviating the token will make easy to use in references that the full names. For example, TERC means, TRONEuropeRewardCoin is abbreviated as TERC.

• Token Precision: The smallest number a token can be divided into is its precision number. A precision number of 0 indicates that the smallest unit possible is 1. With a precision of 5, the smallest unit is 0.00001.

Compulsory rules

• Total supply: this is the total/maximum number of token that can be issued onTron platform.

• Balance of: will restore the user's Tron account's token balance

• Transfer: Tokens can be transferred from a smart contract to a user's account.

• Approve gives authority to a third party(smart contract) to transfer Token

• TransferFrom: allows a third party(smart contract) to take tokens from a user's account and send them to another address.

• Allowance: The remaining number of tokens that a third party will pass is enquired about.

How to check the amount of TRC20 tokens available at the moment

• First step is the visit https://tronscan.io/ on my phone

Then I click on the three horizontal lines at the top-right of the page to view more options. On the options displayed I click on "Token"

• After I clicked on Token in the options displayed I click on "Token Tracker"

• Click on "TRC20" to see the amount of TRC20 at that moment

The number of TRC20 Tokens available at the moment is shown which is a total of 15,938 TRC20 Tokens

Conclusion

In conclusion if the Tron network have already beaten Ethereum network in term of the transaction fee and speed, if Tron network can also develop a token that can act as both fungible token and non fungible token (ERC-1155) just like the Ethereum network then this will be a great innovation for the Crypto world at large.

To the attention of professor @pelon53 this is my homework task